SPDR GOLD TRUST (GLD)

SPDR Gold Trust is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture, which holds physical allocated gold bullion and issues SPDR Gold Shares, each representing a fractional undivided beneficial interest in the Trust. Its investment objective is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses, giving institutional and retail investors a simple, cost-efficient way to gain exposure to gold without the logistics of buying, storing and insuring it. The Shares trade on NYSE Arca and are also listed on the Mexican Stock Exchange, the Singapore Exchange, the Hong Kong Exchanges and Clearing Limited and the Tokyo Stock Exchange.

The Trust is not actively managed, holds no derivatives or commodity futures, and is not registered under the Investment Company Act of 1940 or treated as a commodity pool. Its assets consist of allocated gold held in London by the custodian, HSBC Bank plc, plus gold receivable and occasional cash used to pay expenses. Gold is sold only to pay Trust expenses, upon termination and liquidation, or as required by law.

World Gold Trust Services, LLC is the sponsor, BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is the trustee, and State Street Global Advisors Funds Distributors, LLC is the marketing agent. Shares are created and redeemed only in Baskets of 100,000 Shares by Authorized Participants, who are registered broker-dealers or other securities market participants, DTC participants, party to a Participant Agreement and holders of an unallocated gold account with the custodian. They pay a $2,000 transaction fee per order and may sell the Shares to other investors.

Creations and redemptions are made in exchange for deposits or distributions of gold and any cash. The Trustee determines the net asset value each NYSE Arca trading day by valuing the gold at the LBMA Gold Price PM, administered by ICE Benchmark Administration, and subtracting accrued fees, expenses and liabilities. The filing also describes the global gold market, including supply from mine production and recycling, demand from jewelry, industry, investment and the official sector, and the over-the-counter market centered on London, whose participants include LBMA market makers.